When people find out I am a Realtor they usually ask how sales are going. I guess some of that comes from what happened to the market six years or so ago, some of it from curiosity, some because maybe they are thinking of making a move of some kind, and of course some are just making conversation. Whatever the reasons for the question, it got me to wondering, how are we really doing in this market? I feel personally that things have been slowly, but surely getting better, but I have heard other Realtors say different, so I did some comparisons from 2011 to 2014, using Northern Michigan MLS, serving Antrim, Charlevoix, Kalkaska, and part of Emmett county, with the upper chain being this boards primary listing area.
Since I live in, and specialize in The Chain of Lakes area, which covers a lot of Antrim, and small part of Charlevoix counties, I decided to use this as my barometer, looking at homes that actually sold in 2011 compared to those sold in 2014. I did this on November 25, so 2014 will have another month to go, and I personally know of at least 5 properties that will close before the new year. I'm sure there will be closer to 10 or 12 more to add, but what I found should give a idea of what's going on overall, at least in The Chain of Lakes area.
In 2011 there were 46 total home sales, 20 of which were "bank owned", or foreclosed homes. Average sales price for all homes came in at $122,800, with an average asking price of 144,500. Broken down, bank owned sales had an avg sold price of 79,200, with an average asking price of 89,200. Average sold price of privately owned homes was 156,500, with an average asking of 184,700 . Overall, two homes sold over asking price, while three sold for asking price. There were no waterfront homes sold through the NMMLS that year in this geographical area.
Jumping ahead to 2014 we find 62 sales in the same area, with 13 bank owned, 49 privately owned. remember this year has another 35 days to go. Average overall sales price to date in 2014 was 161,500., with an average asking price of 172,900. Bank owned homes had an average asking price of 86,200, with an average sales price of 79,400. Private sales came in at 197,700 asking, 184,700 selling price, again this was average prices overall. One sold at asking, two above asking. There were 15 waterfront homes sold, with an average asking price of 392,800, and selling at an average of 364,000.
Comparing 2011 to 2014 we can see that not only were there considerably more transactions, the ratio of bank owned to privately owned homes has changed drastically, also the prices are up a bit. All of these good signs. The fact that this area, with lakefronts in particular, is more of a resort area than anything else tells me that buyers are feeling a little more positive, and are starting to realize there may not be a better time to make the dream of owning a cabin, lakefront home, condo, or neighborhood home in the heart of a true four seasons area. With so much to offer, from snowmobiling, skiing, snowshoeing, etc in the winter, to swimming, boating, golfing, hunting, kayaking, wine tours, motorcycling, hiking, and so much more the rest of the year, the crazy low interest rates, and home prices still moderate, this might very well be the best time ever to look into a place here to enjoy for your very own.
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